PENGU Rallies Over 20% Amid Coinbase’s Pudgy Penguins PFP Frenzy

Solana meme coin PENGU has recorded a double-digit gain over the last day, trading at around $0.02227. This price rally has come amid Coinbase’s move to change its X profile picture to a Pudgy Penguins NFT, which has sparked a bullish sentiment for the meme coin.

PENGU Rises Amid Coinbase’s Pudgy Penguins Avatar

CoinMarketCap data shows that the PENGU price is up over 20% in the last 24 hours. The meme coin has surged to an intraday high of $0.02368 from as low as $0.01838. The meme coin’s market cap has also surged over 20%, hitting $1.4 billion.

The price surge comes amid Coinbase’s move to change its X profile picture to a Pudgy Penguin. This has sparked a bullish sentiment for the meme coin, which is already listed on the top crypto exchange. However, there is also the possibility that the move might be a hint at an imminent partnership between the exchange and Igloo, the brand behind the NFTs.

Following the Coinbase PFP change, PENGU surged over 10%, adding to its gain of around 14%, which it recorded earlier in the day. This bullish momentum had kicked off earlier this week, as the Bitcoin price rallied to a new all-time high (ATH).

As CoinGape reported, the meme coin surged over 30% following the SEC’s acknowledgment of Canary Capital’s filing for a PENGU ETF. The filing proposes a basket that includes 80% to 95% exposure to the meme coin and the Pudgy Penguin NFTs. This makes PENGU the only meme coin other than Dogecoin currently associated with an ETF proposal in the United States.

The PENGU ETF will provide institutional investors with exposure to the Solana meme coin. This will drive more capital into the meme coin’s ecosystem, potentially sending its price higher.

Meme Coin’s Derivatives Activity Skyrockets

Coinglass data shows that PENGU’s derivatives trading volume has surged over 10%, reaching $2.70 billion in the process. This indicates significant interest in the top meme coin. Open interest is also up over 25%, topping $311 million.

Another positive for the meme coin is that the long/short ratio is at 1.025, indicating that more traders are long and betting on higher prices. Most of this trading activity takes place on the Binance exchange, with an open interest of $73.72 million on the platform.